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News

The Money Statistics July 2015

2.116 Million people pay no income tax

41% The proportion of their income that the average private renter spends on housing

31% The proportion of households who own their home outright, the highest it has ever been

19% The proportion of households who rent privately, the highest since the 1960s

4.9% The average proportion of their post-tax income, including benefits, UK households save - The lowest since Q3 2008

3.2% Annual increase in average pay excluding bonuses

7% The annual rise in consumer credit to June

30% The proportion of adults actively participating in a pension (up 4%)

£3.82 The amount of interest gained on the sum someone on the average salary would save at the normal savings rate

UK Personal Debt

People in the UK owed £1.436 trillionat the end of May 2015.

This is up from £1.407 trillion at the end of May 2014 – an extra £584 per UK adult.

The average total debt per household – including mortgages – was £53,790in May. The revised figure for April was £53,718.

Per adult in the UK that’s an average debt of £28,442in May – around 110.6% of average earnings. This is up from a revised £28,404 in April.

Based on May 2015 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £53.526 billion.

That’s an average of£147 million per day.

This means that households in the UK would have paid an average of £2,008 in annual interest repayments. Per person that’s £1,060 – 4.12% of average earnings.

Outstanding consumer credit lending was £171.6 billion at the end of May 2015.

This is up from £160.9 billion at the end of May 2014, and is an increase of £211.20 for every adult in the UK.

Per household, that’s an average consumer credit debt of £6,425 in May, up from a revised £6,399in April – or £399extra per household over the year.

It also means the average consumer credit borrowing stood at £3,397 per UK adult in May. This is up from a revised £3,384 in April.

Total credit card debt in May 2015 was £61.7bn. Per household this is £2,311– for a credit card bearing the average interest, it would take 25 years and 3 months to repay if you made only the minimum repayment each month.

The minimum repayment in the first month would be £55 but reduces each month. If you paid £55 every month, the debt would be cleared in around 5 years and 4 months.

UK Banks and Building Societies wrote off £3.163 billionof loans to individuals over the four quarters to Q1 2015.

Outstanding mortgage lending stood at £1.265 trillionat the end of May.

This is up from £1.246 trillion at the end of May 2014.

That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £114,192 in May.

The average Mortgage Interest rate was 3.11% at the end of May. Based on this, households with mortgages would pay an average of £3,551 in mortgage interest over the year.

For new loans, the average Mortgage Interest rate was 2.59%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £3,252 in interest over the year.

According to the Council of Mortgage Lenders (CML), the typical first-time buyer deposit in April was 16% (around £22,473)– 84% of an average salary.

The average first-time buyer borrowed 3.44 times their income and the average first-time buyer loan was an estimated £120,000.

The average monthly rent for a two-bedroom house in England was £595 – in London this was £1,400(135% higher).

Everyday in the UK

The population of the UK grew by an estimated 1,223 people a day between 2003 and 2013.

It costs an average of £29.91per day to raise a child from birth to the age of 21.

On average, a UK household spends £3.10 a day on water, electricity and gas.

231people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes 13 seconds.

36 million plastic card purchase transactions were made every day in February 2015, with a total value of £1.69 billion.

8.4mcash machine transactions were made every day in May with a value of £355m.

2,330 Consumer County Court Judgements (CCJs) are issued every day, with an average value of £2,171.

Citizens Advice Bureaux in England and Wales dealt with 6,323new debt problems every working day during the year ending March 2015.

48properties are repossessed every day, or one every 29 min 42 seconds.

The number of mortgages with arrears of over 2.5% of the remaining balance fell by 67 a day.

The number of people unemployed for over 12 months fell by 600 per day.

1,222 people a day reported they had become redundant between February and April.

Government borrowed £327m a day during April 2015 (£3,782 per second).

Net lending to individuals in the UK increased by £64ma day.

Borrowers would repay £147ma day in interest over a year, based on May 2015 trends.

63 mortgage possession claims and 47 mortgage possession orders are made every day.